Wayne Strasbaugh

Wayne Strasbaugh

Ballard Spahr LLP

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Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

12/18/2014 - Anti-Retaliation Provisions Auditors Business Development Companies Carried Interest European Court of Justice Hedge Funds Investment Adviser Investment Funds Investment Management MSRB Municipal Advisers No-Action Letters Pay-To-Play PCAOB Puerto Rico SCOTUS SEC Social Media Tax Refunds Volcker Rule Whistleblower Awards

IRS Proposes To Eliminate ‘Confusing’ 36-Month Non-Payment Testing Period for Cancellation of Debt

The Internal Revenue Service recently proposed very well-received regulations under Section 6050P of the Internal Revenue Code (the Code) that would eliminate the requirement for financial entities to treat debt as canceled...more

10/30/2014 - Banks Corporate Taxes Debt Dischargeable Debts Financial Institutions Income Taxes IRS U.S. Treasury

FDIC Issues Guidance on Basel III Capital Conservation Buffer for Subchapter S Banks

A recent Financial Institution Letter provides guidance on the FDIC’s methodology when entertaining requests from banks or savings associations organized as Subchapter S corporations (S-corporation banks) to pay dividends to...more

8/15/2014 - Banks Basel Committee Basel III Capital Controls FDIC S-Corporation

Investment Management Update

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

7/11/2014 - 401k Anti-Retaliation Provisions Enforcement Actions ERISA EU Investment Advisers Act of 1940 Municipal Advisers Mutual Funds Sarbanes-Oxley SCOTUS SEC Section 15(c) Settlement TFEU

Supplemental Interagency Guidance on Tax Allocation Agreements

The federal bank regulators recently issued additional guidance on intercompany income tax allocation agreements between holding companies and their depository institution subsidiaries. Intended to clarify the ownership of...more

7/8/2014 - Bank Holding Company Banking Sector Banks Consolidated Tax Returns Nonbank Firms Subsidiaries Tax Allocation Agreements Tax Refunds

Treasury Extends FATCA Compliance Date, Announces Other Amendments Affecting Foreign Banks

The Internal Revenue Service (IRS) recently announced in Notice 2014-33 that 2014 and 2015 will be transitional years from an administrative and enforcement perspective regarding the implementation of the Foreign Account Tax...more

5/13/2014 - Amended Regulation Compliance FATCA FFI IRS U.S. Treasury

Investment Management Update

Following two recent cases involving investment advisers and social media, the SEC recently issued guidance regarding whether the publication of comments about investment advisers on social media sites would violate those...more

4/29/2014 - Fraud Investment Adviser Investment Advisers Act of 1940 SEC

Significant Pennsylvania Tax Changes

The General Assembly made significant changes to a number of Pennsylvania taxes as part of the 2013-2014 budget process. These changes were enacted in Act 52, signed into law on July 9, 2013, and have various effective dates....more

7/17/2013 - Corporate Net Income Corporate Taxes New Legislation Tax Loopholes Tax Reform

IRS Approves New Rules To Minimize Taxes Related to M&A Transactions

The Internal Revenue Service recently adopted long-awaited regulations intended to provide a new means of minimizing taxes in M&A transactions. The newly adopted regulations take effect on May 15, 2013, under Section 336(e)...more

5/14/2013 - IRS

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